Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Ethereum, Ripple and Bitcoin edge up as ECB has crypto ban fears dismissed
The price of Bitcoin as well as other major crypto assets surged on Wednesday right after the European Central Bank officially dismissed worries over an imminent ban.
The previous month, the dive of Bitcoin turned to be so brutal that the crash was illustrated in such expressions as “horror show” and “bloodbath.” However, later it was labeled as “cryptopocalypse”.
Since that time the price of many virtual currencies has been going up. However, all crypto-markets are still unpredictable in terms of fluctuations, remaining prone to huge wobbles.
The price of Bitcoin currently accounts for $8,800. That’s a $400 leap from its yesterday’s lowest point. ECB Chief, Mario Draghi told that it wasn’t his bank’s duty to regulate Bitcoin in any way. Besides this he drew attention to the risks closely connected with the volatile digital asset, vulnerable to mind-blowing crashes and jumps.
Authorities are demonstrating a soaring appetite for fresh rules for regulating the crypto-markets that have faced unbelievable price swings as well as a series of heists, not to mention a quick proliferation in the number of available coins.
However, in a response to a number of questions, ECB Governor told that regulating or what’s more – banning digital assets didn’t appear to be the bank’s duty.
Agustin Carstens, the head of the Bank for International Settlements, the previous week called for major financial institutions to terminate what he labeled as the ‘Ponzi scheme, by simply restricting crypto assets’ access to any financial institutions.
Responding to a question about whether it makes sense to purchase Bitcoin, ECB Chief demonstrated a cautious tone. He told that buying this asset would be rather a risky undertaking especially considering bitcoin’s recent wild moves. The given asset is extremely unpredictable, in this regard leaving many traditional assets behind.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.